Since late October 2023 both Nvidia Corporation (NVDA) and the S&P 500 (SPX) have traded closely together. Their relationship could provide evidence for a major U.S. stock market top. The daily NVDA and SPX chart courtesy of Trading View illustrates their relationship. Since late October 2023 NVDA and SPX have made turns within about tradingContinue reading “Nvidia Corporation and S&P 500 Connection”
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S&P 500 – Elliott Wave Pattern From October 2023
The S&P 500 (SPX) could find resistance in the 5,250 area. The SPX – 3- hour chart courtesy of Trading View illustrates the Elliott wave count from the 10/27/23 bottom. The SPX rally from 10/27/23 has the smooth and steady look of a five – wave Elliott Impulse pattern. The bottom made on 03/11/24 appearsContinue reading “S&P 500 – Elliott Wave Pattern From October 2023”
Russell 2000 – Elliott Wave Count
On 03/04/24 the S&P 500 made an all-time high unconfirmed by the other two main U.S. stock indices, Dow Jones Industrial Average and the Nasdaq Composite. Perhaps this bearish divergence signaled a major top for the U.S. stock market. If not the Russell 2000 (RUT) small cap stock index could soon indicate a significant topContinue reading “Russell 2000 – Elliott Wave Count”
The Final Wave Up?
The S&P 500 (SPX) could be in the last part of a rally that began in October 2022. The 02/29/24 blog illustrated that an Elliott wave – Horizontal Triangle could be developing. Also noted – a low probability the Horizontal Triangle could already be complete. The 15 – minute SPX chart courtesy of Trading ViewContinue reading “The Final Wave Up?”
S&P 500 Intraday Elliott Wave Count – 02/29/24
The 15 – minute S&P 500 (SPX) chart courtesy of Trading View updates the action. The 02/27//23 blog illustrated that Minute wave “iv” may have bottomed at the SPX 02/27/24 low. This could still be the correct wave count, however the choppy nature of the rally off that bottoms suggests something else could be developing.Continue reading “S&P 500 Intraday Elliott Wave Count – 02/29/24”
S&P 500 Intraday Elliott Wave Count – 02/27/24
The decline from the S&P 500 (SPX) top at 5,111.06 may have ended today 02/27/24. The 15 – minute SPX chart courtesy of Trading View updates the action. The 02/24/24 blog illustrated that the presumed Minute “iv” correction after the SPX 02/23/24 top could terminate on 02/26/24 at or near a Fibonacci .236 retracement ofContinue reading “S&P 500 Intraday Elliott Wave Count – 02/27/24”
Could February 27, 2024 be an S&P 500 Turning Point?
The S&P 500 (SPX) Elliott wave pattern suggests a major Fibonacci resistance point near 5,131 could be hit on 02/27/24. The two – hour SPX chart courtesy of Trading View illustrates the Elliott pattern from the 10/27/23 bottom. Analyzing Elliott wave patterns is like putting together a Jigsaw puzzle. Discovering the location of one pieceContinue reading “Could February 27, 2024 be an S&P 500 Turning Point?”
U.S. Stock Market Mania – February 2024
Since October 27, 2023 the S&P 500 (SPX) has rallied more than 23% with only one 2.5% correction. Today the SPX gapped up 2.11% the biggest one-day gain in four months! The weekly SPX chart courtesy of Trading View shows the long-term Elliott wave count since January 2022. Several blogs on this website have illustratedContinue reading “U.S. Stock Market Mania – February 2024”
Bear Market Rally Top on 02/22/24?
The S&P 500 (SPX) – intraday Elliott wave patterns suggests a bear market rally peak could occur early in the main session 02/22/24. The 15-minute SPX chart courtesy of Trading View illustrates the action after the 02/12/24 top. This updates the SPX chart illustrated in the 02/17/24 blog “Intraday Examination of the S&P 500” whichContinue reading ” Bear Market Rally Top on 02/22/24?”
Bearish Message From Copper
Copper is an industrial metal, and its price action can be a broad gauge for the economy. Copper tends to decline in periods of economic weakness, rising in economic recovery. The action of Copper vs. the S&P 500 (SPX) since early 2023 suggests that the U.S. economy and stock market could soon be declining. TheContinue reading “Bearish Message From Copper”
Four Dimension Trading 